Success with NACA

[fragsmeller]

Hi My name is Crystal and i have been browsing this forum for months and i thank you for all the efforts and strides that have been made on our behalfs.

anyway my situation is like everyone elses. I have a IO, 3 yr arm with CW, set to adjust in February 09. I was told i could "streamline" after one year and get a fixed rate but when i called to do that of course no one knew what i was talking about so obviously that isn't going to happen. I've tried to re-fi but we are underwater, FHA is bogus and so is NY's Keep the Dream program.

so i found NACA and have been dealing with them since November. My file was just submitted to Countrywide and NACA claims that they have a legally binding agreement with CW to modify mortgages. they proposed a fixed rate reduction to 6.015 from 7.65 +, and fully amortized.

Does anyone have details on this "legally binding" aggreement?

so i was wondering if anyone out there has had success with CW and NACA and if anyone could give me any advice on how to speed this process up?

should i email those addresses listed for CW to get answers on my progress.?I have all intentions of being a squeeky wheel, i just want to be a good one.

Thanks again for all your help and positive inspiration.

sincerely,
Crystal

[Moe Bedard]

Hi Crystal,

I take it that you weren't a good candidate for the FHA Secure.........so no luck there.....I am sorry...

[Andrew]

Yes NACA does have an agreement with Countrywide. I'm not sure of any successes on this forum with NACA. But if you are one in the near future please post your success.

[fragsmeller]

Dear All,
thank you for the quick responses.

Actually i should be a good candidate for FHA-Secure except that i would need to take a second mortgage to cover the differences.

I have a friend who actually works for a FHA lender in my area and i thought "great, she'll get me the loan etc.. but after speaking with her, they only finance upt to 97.5 % and i said what about getting the second to cover the difference like the FHA-Secure is supposed to allow.
She said " no way no bank is going to finance you over 100%"
I argued and argued - FHA SEcure is allowing this, look at he new rules on HUD, i even Called HUD, but she cannot find a bank that would underwrite the second, so i was screwed.

does anyone have email addresses to people in the loan mod department?
I will send emails to the others but i would like to send one to the negotiators to really get under everyones skin.
thanks
Crystal

[Moe Bedard]

Crystal,

All of the email addresses you were given are the creme de la creme of CW and they will answer you........

[Moe Bedard]

Crystal,

A few lenders that are presently doing the FHA Secure program are Flagstar, GMAC, and IndyMac.......

This information is off of FHA's website......

WHAT IS FHASecure

FHASecure is a refinancing option that gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe.

[surreal4me2]

Hi There,

I am in California and joined NACA in January 2008. I had my loan submitted for a modification on February 20th and, as of this writing, I am still waiting to receive the news of a positive resolution. I believe NACA can and will be effective, but only if you provide them with all of the documents they request. Unfortunately, this is a tough process, but I believe their Advocacy Campaign is working. You can help yourself like I am doing by being proactive.

I have been waiting to hear from NACA too for more than 45 days. What I decided to do instead of waiting to hear, was to ask for HELP and ADVICE from LOANSAFE so that I could combine forces with other good people dealing with GMAC and other like processes. The response and support that I've received has been great and useful! I feel more empowered and positive about my situation.

HEY EVERYONE -- Here's my update. FAXED and sent by Certified Mail my QWR letter to everyone at the top of the GMAC Food Chain that I could find. I spent half of yesterday (Sunday) calling and verifying telephone and fax numbers. I missed a call today from a CHRIS from GMAC's Loss Mitigation Team. I returned the call to him twice and now at 3rd time, speaking clearly my name, loan number, telephone number, as well as the time of my call. I feel very positive about the contact because he not only left me his direct 7 digit extension number, but his voicemail message also contained his direct fax telephone number... now, only time will tell what the actual outcome will be. The bottom-line is to remain positive and continue to be proactive on your own behalf. NACA is a nonprofit organization that given the right tools will be able to do their job for us, but we must help and remain proactive and make sure that we keep them apprised of our efforts.

[surreal4me2]

What is your status has NACA helped you yet.

Surreal4me2

[kenneth]

has naca helped entyone yet?????????????

[surreal4me2]

Hi,

I met a mother and daughter who had both been helped by NACA but, as far as my own personal situation, they were not able to help me at all.

May I suggest that you read my posts, as well as seek the advise of the folks here at loansafe.org. Make your own way, don't wait on NACA and, if I were you, I would start writing, calling and faxing TODAY, right NOW, DON'T DELAY...JUST DO IT...IF YOU DON'T HELP YOURSELF, NO ONE ELSE WILL. Every tool you need is available on this site. Telephone number, the names of the right folk, addresses, fax numbers and more. Then if NACA shows up to the Party you'll have more support for your request. BUT YOU MUST BELIEF IT IS POSSIBLE -- STAND STAND STAND and then STAND some more, and don't ever GIVE UP! Your voice will be heard.

Who is your lender and where do you stand in the process?.

Another American Who Fought For Her Home and Won!!!!

[Irish Gal]

Hey Kenneth,

I tried to solicit help mos ago from NACA to no avail. I gave up due to its nonresponsiveness and incompetence. NACA is backlogged like everywhere else. So, I didn't have the patience to work w/ them. I decided to do whatever needed to be done myself. It's exhausting but you will start feeling better once you start to see some results (and you will if you do what successful folks on this site tell you to do and have done themselves). The NACA philosophy rocks. The actual implementation of the program sucks. Read my threads where I discuss my NACA experiences. The latest update about it is I FINALLY got an appt (after much frustration dealing w/ them) but then needed to reschedule. I had to leave a msg w/ the NACA vm system as no one answers the phone (or returns calls). No one ever returned my call. So, I gave up. So, take the advice of the folks on this site who say don't wait for any organization or person to save you. Call call call, email, email, email, etc. Start emailing the Office of the President (CW) and the other CW fat cats suggested on this site. I got immediate responses from CW once the fat cats got involved. The process finally begins to work once Mozilo's office starts telling his CW folks to call you, work w/ you, etc.

Good luck ! IT WORKS IF YOU WORK IT !

Irish Gal

[Moe Bedard]

Irish Gal,

Kenneth already is in the Success Section..........
and has been since the beginning of April.......

[Irish Gal]

Hey ***,

Thanks. Oh well. Good advice nonetheless ! I am new to this and have a tendency to look first at recent posts. I guess he was just pondering in gen'l re NACA.

[fragsmeller]

Dear All,
Just wanted to tell my story because I'm so happy.

Well around Feb of last year i realized that the mortgage industry was having a meltdown and i had an IO/3yr ARM to reset in 2/09. My payments were already kind of high and i knoew that i could not swing a reset. My rate was 7.65 to adjust to at least 9.1 with a 6% cap. 13%!!! total eventually , outrageous

I was told when i took the loan that i could "streamline" in a year to fixed rate with "no problems" but when i called 1 year later, nothing was the same and i was looking for help.

I qualified to re-fi conventionally but i could not afford the payment becaue of PMI, but oh wait the house lost 35k on appraisal so i really could not re-fi.

So i searched for help and found out about NACA. i went to a seminar in November, got my docs into the office the very next monday and waited and waited and waited, all the while perusing this forum.

so come january i was like what the H****. so i did like Moe said, fax, fax, fax, email, email email.
turns out i had to update all my docs again because they were expired and my case had not even been submitted to CW. i was angry, i was waiting all this time, what was going on?? since then NACA has improved their process a1000x's to handle the large volumes, everything is online so you can see everything you've submitted.
so email email email, finally my case was sent to CW on april 2nd. (what i got my docs in to them in november) another wait wait wait, at least 30 days.

Come May 12th, i started again, what's my status, what's my status, has anyone heard from CW. nobody knows anything, just be patient it takes time etc....

so now i'm really nervous, what if they can't help me, so i email mortgage brokers again, have home prices gone up yet? can i do anything yet? how are the rates? no one can help.
all govt programs do not include me but then..........

the MOD came in the mail yesterday from CW, NACA proposed to them to fix me at 6.015%, they fixed me at 6.5. they are tacking a months interest and my negative escrow balance to the back end and my payments start up again in July.

Needless to say, my husband and 4 kids are so excited that we get to stay in our home.

NACA took a long time but they got the job done. I would recommend to anyone who has a pending rate reset to contact them at once.


Feel free to ask me any questions that you may have.

[Moe Bedard]

Crystal,

This is great news!! Congratulations!!

[fragsmeller]

Thank you thank you.

I'm so proud i want to yell it from a mountain.
Please pass on to whoever will see that NACA is working for us homeowners.
they may take some time but they pulled through!!!!!!